Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Q4FY21 Result Update - HDFC Bank - ICICI Direct

Posted On: 2021-04-19 03:07:30 (Time Zone: UTC)


HDFC Bank's performance was stable on various parameters like business growth, asset quality and profitability. Business growth continued to show improvement for past three quarters as advances were up 4.7% QoQ, 14% YoY to Rs. 1132837 crore. Loan growth was led by wholesale book, which was up 27.1% YoY while retail book increased 6.7% YoY. Within the retail book auto and home loans have shown a sequential pickup while credit card business trajectory has shown a decline due to RBI's curb on sourcing of new customers. Deposit accretion was healthy at 16.3% YoY and 5% QoQ increase to Rs. 1335060 crore. CASA deposits reported even stronger growth of 27% YoY. As a result, the CASA ratio increased from 43% in the previous quarter and 42.2% in previous year to 46.1% in Q4FY21.

Valuation & Outlook

Focus on business growth with strong revival in retail advances remains positive. Healthy deposit franchise is seen keeping margins at ~4.2%, with a strong recovery in fee based income and steady operational efficiency to support core performance. Robust asset quality performance amid tight underwriting standard and contingency buffer of ~60 bps provide comfort against uncertainties in the current environment. Beefing up technology and enhancing digital capabilities is underway to address outage issues. We broadly maintain our earnings estimate and maintain our BUY rating with an unchanged target price of Rs. 1700/share, valuing the core bank at ~3.7x FY23E ABV and adding Rs. 50 in lieu of subsidiaries.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_HDFCBank_Q4FY21.pdf

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1428.45 as compared to the previous close of Rs. 1430.15. The total number of shares traded during the day was 306955 in over 15757 trades.

The stock hit an intraday high of Rs. 1444.95 and intraday low of 1423.4. The net turnover during the day was Rs. 440657700.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.


Other Headlines:

Cadila Healthcare - Divests animal health business - ICICI Securities

Q4FY21 Result Update - Granules India - ICICI Direct

Q4FY21 Company Update - Firstsource Solutions - ICICI Direct

Q4FY21 Company Update - Sonata Software - ICICI Direct

Company Update - Cadila Healthcare - ICICI Direct

Q4FY21 Result Update - Kalpataru Power - ICICI Direct

Q4FY21 Result Update - KEC International - ICICI Direct

Q4FY21 Company Update - Matrimony.com Ltd - ICICI Direct

Maintain REDUCE on Asian Paints - Exceeds expectations - HDFC Securities

JMC Projects Results Report - Poised for growth - HDFC Securities

Maintain ADD on Godrej Consumers - Miss in 4Q margin; inspiring addition to team - HDFC Securities

Maintain BUY on Birla Corporation - Healthy performance - HDFC Securities

Subscriber watch - Bharti wins more market share across categories - ICICI Securities

Siemens Ltd - Healthy margins with growth recovery - ICICI Securities

Godrej Consumer Products - Jigsaw falling in place; retain top pick status - ICICI Securities

Thyrocare Technologies - Margins subdued despite growth recovery - ICICI Securities

Q4FY21 Result Update - Zydus Wellness - ICICI Direct

Q4FY21 Result Update - EIH Ltd - ICICI Direct

Q4FY21 Company Update - Intellect Design Arena - ICICI Direct

Q2FY21 Company Update - Siemens Ltd - ICICI Direct

UltraTech Cement - In-line strong performance; Capex plan retained - HDFC Securities

April AMFI Data - Mr. Aashish P Somaiyaa, Chief Executive Officer - White Oak Capital

Maintain ADD on Navin Fluorine International - High-value business aids growth - HDFC Securities

Maintain BUY on Kansai Nerolac - Raw material cost pressure palpable - HDFC Securities

Cholamandalam Investment and Finance Company - A steady quarter - HDFC Securities

Grindwell Norton - Moving towards a new orbit - ICICI Securities

Kansai Nerolac Paints - Another (margin) miss story; not unexpected though - ICICI Securities

UltraTech Cement - 2nd covid wave a blip; long-term thesis intact - ICICI Securities

Zydus Wellness - Symphony; retain top pick status - ICICI Securities

Cholamandalam Investment and Finance - Beefing-up buffer to cushion earnings; positioned to grow when normalcy returns - ICICI Securities

Navin Fluorine International - Demanding valuation caps upside - ICICI Securities

Q4FY21 Result Update - Dabur India - ICICI Direct

Q4FY21 Result Update - Tata Consumer Products - ICICI Direct

Q4FY21 Result Update - DCB Bank - ICICI Direct

Q4FY21 Result Update - Navin Fluorine - ICICI Direct

Q4FY21 Result Update - UltraTech Cement - ICICI Direct

Q4FY21 Result Update - Kansai Nerolac Paints - ICICI Direct

Q4FY21 Result Update - IDFC First Bank - ICICI Direct

Q4FY21 Result Update - Grindwell Norton - ICICI Direct

Cholamandalam Invest. & Finance - Q4FY21 Result Update - YES Securities

Ultratech Cement Ltd - Q4FY21 Result Update - YES Securities

JMC Projects (India) - Q4 FY21 first cut - Robust Performance - YES Securities

Brokerage Views on DCB Bank's Q4FY21 results

Maintain ADD on Dabur - Exciting FY21; miss in 4Q margin - HDFC Securities

Deepak Nitrite Results Review - Decent performance - HDFC Securities

Maintain ADD on DCB Bank - Lower provisions drive beat in earnings - HDFC Securities

Bandhan Bank Report - Surging micro-credit stress - HDFC Securities

Avenue Supermarts Q4FY21 Results Review - In-line performance; FY22 recovery tapered down - HDFC Securities

Chola Inv. & Fin. - Q4 FY21 first take - 'Strong on growth, in-line on asset quality'

Blue star Ltd - Q4FY21 Result Update - YES Securities


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020